GENAI ANNOUNCES RESIGNATION OF AUDITOR AND WITHDRAWAL OF AUDIT REPORT
Generative AI Solutions Corp (AICOF) announced its former auditor, Manning Elliott LLP, resigned effective September 29, 2025 and withdrew the auditor's report dated May 30, 2024 on the consolidated financial statements for the year ended January 31, 2024. The company reported reportable events under NI 51-102 arising from disagreements over valuation, accounting treatment, and economic rationale for certain 2024 transactions.
The board and audit committee accepted the resignation, are seeking a successor auditor, and will file the Notice of Change of Auditor and the auditor's response on SEDAR+. A failure-to-file cease trade order issued by the BCSC on August 6, 2025 remains in effect, keeping AICOF suspended from trading on the Canadian Securities Exchange until a successor auditor is appointed and required 2025 filings are completed.
Generative AI Solutions Corp (AICOF) ha annunciato che il suo ex revisore dei conti, Manning Elliott LLP, si è dimesso con effetto dal 29 settembre 2025 e ha ritirato il rapporto del revisore datato 30 maggio 2024 relativo ai bilanci consolidati per l'anno chiuso al 31 gennaio 2024. L'azienda ha segnalato eventi soggetti a NI 51-102 derivanti da dissensi su valutazione, trattamento contabile e coerenza economica per alcune operazioni del 2024. Il consiglio di amministrazione e il comitato di controllo hanno accettato le dimissioni, stanno cercando un revisore successivo e presenteranno la Notifica di Cambio di Revisore e la risposta del revisore su SEDAR+. Un'ingiunzione di sospensione per mancata quotazione emessa dalla BCSC il 6 agosto 2025 rimane in vigore, mantenendo AICOF sospesa dalle contrattazioni sulla Canadian Securities Exchange fino all'insediamento di un revisore successivo e al completamento delle necessarie presentazioni del 2025.
Generative AI Solutions Corp (AICOF) anunció que su antiguo auditor, Manning Elliott LLP, renunció con efecto a partir del 29 de septiembre de 2025 y retiró el informe del auditor fechado el 30 de mayo de 2024 sobre los estados financieros consolidados correspondientes al año terminado el 31 de enero de 2024. La empresa reportó hechos reportables bajo NI 51-102 derivados de desacuerdos sobre valoración, tratamiento contable y justificación económica de ciertas transacciones de 2024. La junta y el comité de auditoría aceptaron la renuncia, están buscando un auditor sucesor y presentarán el Aviso de Cambio de Auditor y la respuesta del auditor en SEDAR+. Una orden de cessación de comercio por incumplimiento emitida por la BCSC el 6 de agosto de 2025 permanece en vigor, manteniendo a AICOF suspendida de cotizar en la Canadian Securities Exchange hasta que se nombre un auditor sucesor y se completen las presentaciones requeridas de 2025.
Generative AI Solutions Corp (AICOF)는 전 감사인 Manning Elliott LLP가 2025년 9월 29일부로 사임했고 2024년 5월 30일자의 감사인이 작성한 보고서를 2024년 1월 31일 종료된 연결재무제표에 대해 철회했다고 발표했습니다. 회사는 2024년 일부 거래에 대한 가치 평가, 회계처리 및 경제적 합리성에 관한 이견에서 비롯된 NI 51-102에 따른 보고 가능 사건을 보고했습니다. 이사회와 감사위원회는 사임을 수락했고 차기 감사인을 찾고 있으며 SEDAR+에 감사인 변경 통지와 감사인의 응답을 제출할 예정입니다. 2025년 8월 6일 BCSC가 발행한 미공시 매매정지 명령은 여전히 효력을 가지며, 차기 감사인이 선임되고 2025년 필요한 제출이 완료될 때까지 AICOF의 캐나다 증권거래소 상장 거래가 중단된 상태로 남아 있습니다.
Generative AI Solutions Corp (AICOF) a annoncé que son ancien auditeur, Manning Elliott LLP, a démissionné à effet au 29 septembre 2025 et a retiré le rapport de l'auditeur daté du 30 mai 2024 sur les états financiers consolidés pour l'exercice clos le 31 janvier 2024. La société a signalé des événements déclarables en vertu de NI 51-102 découlant de désaccords sur l'évaluation, le traitement comptable et la justification économique de certaines transactions de 2024. Le conseil d'administration et le comité d'audit ont accepté la démission, recherchent un auditeur successeur et déposeront l'Avis de Changement d'Auditeur et la réponse de l'auditeur sur SEDAR+. Une ordonnance de cessation de commerce pour défaut de dépôt émise par la BCSC le 6 août 2025 reste en vigueur, maintenant AICOF suspendue des négociations sur le Canadian Securities Exchange jusqu'à ce qu'un auditeur successeur soit nommé et que les dépôts requis de 2025 soient complétés.
Generative AI Solutions Corp (AICOF) hat bekannt gegeben, dass ihr ehemaliger Prüfer Manning Elliott LLP mit Wirkung zum 29. September 2025 zurückgetreten ist und den Bericht des Prüfers vom 30. Mai 2024 über die konsolidierten Jahresabschlüsse für das am 31. Januar 2024 endende Geschäftsjahr zurückgezogen hat. Das Unternehmen meldete meldepflichtige Ereignisse gemäß NI 51-102, die aus Uneinigkeiten über Bewertung, Bilanzierung und wirtschaftliche Begründung bestimmter Transaktionen im Jahr 2024 resultieren. Der Vorstand und der Audit-Ausschuss nahmen den Rücktritt an, suchen einen Nachfolger als Abschlussprüfer und werden die Change of Auditor Notice sowie die Antwort des Prüfers auf SEDAR+ einreichen. Eine von der BCSC am 6. August 2025 verhängte Handelsstopp-Verfügung wegen Nichtabgabe bleibt in Kraft, wodurch AICOF bis zur Bestellung eines Nachprüfers und zur Erledigung der erforderlichen 2025-Bestätigungen vom Handel an der Canadian Securities Exchange ausgeschlossen bleibt.
Generative AI Solutions Corp (AICOF) أعلنت أن مدققتها السابقة، Manning Elliott LLP، استقالت سارية المفعول اعتباراً من 29 سبتمبر 2025 وأنها سحبت تقرير المدقق المؤرخ بتاريخ 30 مايو 2024 على البيانات المالية المجمعة للسنة المنتهية في 31 يناير 2024. رصدت الشركة حوادث قابلة للإبلاغ بموجب NI 51-102 ناتجة عن خلافات حول التقييم والمعالجة المحاسبية والركينة الاقتصادية لبعض معاملات 2024. قبل المجلس ولجنة التدقيق الاستقالة، ويبحثان عن مدقق خلف، وسيقدمان إخطار تغيير المدقق ورد المدقق على SEDAR+. أمر توقف عن التداول بسبب عدم الإيداع أصدرته BCSC في 6 أغسطس 2025 ولا يزال ساري المفعول، مما يحافظ على تعرّض AICOF للإيقاف عن التداول في بورصة الأوراق المالية الكندية حتى يتم تعيين مدقق خلف وإتمام إجراءات 2025 المطلوبة.
Generative AI Solutions Corp (AICOF)宣布前审计师 Manning Elliott LLP 已于2025年9月29日起辞任，并撤回了日期为2024年5月30日的审计报告，涉及截至2024年1月31日的合并财务报表。公司就2024年某些交易的估值、会计处理及经济合理性方面的分歧，披露了基于NI 51-102的应报告事件。董事会与审计委员会接受了辞任，正在寻求继任审计师，并将于SEDAR+提交《更换审计师通知》和审计师的回应。由BCSC在2025年8月6日发布的未披露停牌命令仍在生效，使AICOF在完成继任审计师任命及2025年所需 filing 前继续暂停在加拿大证券交易所的交易。
- Board and audit committee accepted auditor resignation promptly
- Company commits to appointing a successor auditor in short order
- Notice and auditor response will be filed on SEDAR+
- Former auditor withdrew audit report dated May 30, 2024
- Auditor cited insufficient evidence for valuation/accounting of 2024 transactions
- Failure-to-file cease trade order by BCSC since August 6, 2025
- Common shares suspended from trading on Canadian Securities Exchange until filings complete
The Company's board of directors and audit committee have accepted the resignation and are in the process of appointing a successor auditor in accordance with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). The Company expects to fill the vacancy in short order.
There exist reportable events (as defined in NI 51-102) relating to disagreements and unresolved issues between the Company and the Former Auditor concerning certain aspects of the 2024 Financial Statements. Specifically, the Former Auditor expressed the view that there was insufficient audit evidence to support the valuation, accounting treatment, and economic rationale for certain transactions reflected in the 2024 Financial Statements. The board of directors and the audit committee of the Company discussed these matters with the Former Auditor however the issues were not resolved.
The Company is complying with all applicable requirements under NI 51-102 in respect of the Former Auditor's resignation and the corresponding Notice of Change of Auditor (the "Notice"). The Notice, together with the Former Auditor's response, will be made available on the Company's profile on SEDAR+ (www.sedarplus.ca). The Company will issue a further press release and make the necessary filings under NI 51-102 once a successor auditor has been appointed.
The Company remains subject to the failure-to-file cease trade order ("FFCTO") issued by the British Columbia Securities Commission ("BCSC") on August 6, 2025, which prohibits trading in the Company's securities in
It is anticipated that the FFCTO will remain in effect until such time as a successor auditor is appointed and the 2025 Filings, together with the audit report of the successor auditor for the fiscal year ended January 31, 2024, are completed and filed. While the FFCTO remains in effect, the Company's common shares will remain suspended from trading on the Canadian Securities Exchange.
On Behalf of the Board,
Patrick Gray
CEO, Director and Chairman of the Board
Generative AI Solutions Corp.
Toll-free
Outside
info@genai-solutions.com
www.genai-solutions.com
About Generative AI Solutions Corp.
GenAI is an artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud™platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries.
For more information on GenAI, please visit www.genai-solutions.com.
Forward-Looking Information and Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/genai-announces-resignation-of-auditor-and-withdrawal-of-audit-report-302575468.html
SOURCE Generative AI Solutions Corp.
FAQ
Why did Manning Elliott resign as auditor for AICOF on September 29, 2025?
What does the withdrawn May 30, 2024 audit report mean for AICOF shareholders?
Is AICOF trading suspended and when will trading resume on the Canadian Securities Exchange?
What filings will AICOF need to lift the BCSC failure-to-file cease trade order?
Where will AICOF publish the Notice of Change of Auditor and the auditor response?
How long does AICOF expect to appoint a successor auditor for AICOF?
